Comments for Foreclosure Strategy Unleashed http://www.foreclosurestrategyunleashed.com Fri, 19 Mar 2010 09:54:29 +0000 http://wordpress.org/?v=2.5.1 Comment on Are foreclosed homes almost a different market than typical homes for sale? by Scott W http://www.foreclosurestrategyunleashed.com/what-is-foreclosure/are-foreclosed-homes-almost-a-different-market-than-typical-homes-for-sale#comment-3554 Scott W Sun, 07 Mar 2010 05:03:59 +0000 http://www.foreclosurestrategyunleashed.com/what-is-foreclosure/are-foreclosed-homes-almost-a-different-market-than-typical-homes-for-sale#comment-3554 This is a great question and one I am very much connected with. There are several things at work here that you really need to know about. The drastic price differences are due to many factors. YES, you are correct that those really low sales prices are probably a result of a foreclosure but what you may not know is that these houses, once foreclosed are considered REOs. This stands for REAL ESTATE OWNED by the bank, mortgage company but in most cases these days FDIC. Now, when a property is listed as an REO this is a potentially big score for a buyer so pay attention! If it is listed with a Realtor, they must disclose in the listing if it is an REO. When they disclose this, they never disclose that even though the price may be listed at $125,000.00 you can make ANY OFFER and they are by law required to submit your offer if you demand they put it on contract. In most cases these days on an REO the rule is this. You must escrow (put down) $1000.00. You must have proof that you can purchase (pay for) the offer you make. Usually a bank statement or a POF (proof of funds) letter from your lender showing the money is available to you. The kicker....what you need to know is that must FDIC/REO property will accept offers of .27 -.50 cents on the dollar on the listed price with proof of funds!!!! ARE YOU READING THIS? Need some more proof. Check out the sites below. I hope this helps you a great deal. If you need any advise, credit repair or even a loan to buy this property please let me know. Scott Wright<br><b>References : </b><br>http://www.gorillaementoring.com http://www.national-renovation.com This is a great question and one I am very much connected with. There are several things at work here that you really need to know about. The drastic price differences are due to many factors. YES, you are correct that those really low sales prices are probably a result of a foreclosure but what you may not know is that these houses, once foreclosed are considered REOs. This stands for REAL ESTATE OWNED by the bank, mortgage company but in most cases these days FDIC. Now, when a property is listed as an REO this is a potentially big score for a buyer so pay attention! If it is listed with a Realtor, they must disclose in the listing if it is an REO. When they disclose this, they never disclose that even though the price may be listed at $125,000.00 you can make ANY OFFER and they are by law required to submit your offer if you demand they put it on contract. In most cases these days on an REO the rule is this. You must escrow (put down) $1000.00. You must have proof that you can purchase (pay for) the offer you make. Usually a bank statement or a POF (proof of funds) letter from your lender showing the money is available to you.

The kicker….what you need to know is that must FDIC/REO property will accept offers of .27 -.50 cents on the dollar on the listed price with proof of funds!!!! ARE YOU READING THIS? Need some more proof.

Check out the sites below. I hope this helps you a great deal. If you need any advise, credit repair or even a loan to buy this property please let me know.

Scott Wright
References :
http://www.gorillaementoring.com
http://www.national-renovation.com

]]> Comment on Are foreclosed homes almost a different market than typical homes for sale? by Realtyyoudefine http://www.foreclosurestrategyunleashed.com/what-is-foreclosure/are-foreclosed-homes-almost-a-different-market-than-typical-homes-for-sale#comment-3553 Realtyyoudefine Sun, 07 Mar 2010 04:54:59 +0000 http://www.foreclosurestrategyunleashed.com/what-is-foreclosure/are-foreclosed-homes-almost-a-different-market-than-typical-homes-for-sale#comment-3553 That is a very large price disparity if the homes were virtually identical. Typically a foreclosed home by its nature is a victim of deferred maintenance and even willful damage by the owner. You might speak to a Realtor who specializes in foreclosures to get some comps on these houses and to understand what causes the large price gap. But don't get your hopes up too high, if homes are selling for less in a neighborhood, buyers will not be willing to offer the higher price point. The comps tell the story.<br><b>References : </b><br>Realtor That is a very large price disparity if the homes were virtually identical.
Typically a foreclosed home by its nature is a victim of deferred maintenance and even willful damage by the owner.
You might speak to a Realtor who specializes in foreclosures to get some comps on these houses and to understand what causes the large price gap.
But don’t get your hopes up too high, if homes are selling for less in a neighborhood, buyers will not be willing to offer the higher price point. The comps tell the story.
References :
Realtor

]]> Comment on Anyone know how to handle a notice to quit? by Thomas http://www.foreclosurestrategyunleashed.com/what-is-foreclosure/anyone-know-how-to-handle-a-notice-to-quit#comment-3552 Thomas Thu, 04 Mar 2010 02:29:59 +0000 http://www.foreclosurestrategyunleashed.com/what-is-foreclosure/anyone-know-how-to-handle-a-notice-to-quit#comment-3552 Hi, I stumbled upon this news lately and hope this company could help you out: http://www.prweb.com/releases/2009/12/prweb3313624.htm Hope this helps.<br><b>References : </b><br> Hi,

I stumbled upon this news lately and hope this company could help you out:
http://www.prweb.com/releases/2009/12/prweb3313624.htm

Hope this helps.
References :

]]> Comment on Anyone know how to handle a notice to quit? by Paul in San Diego http://www.foreclosurestrategyunleashed.com/what-is-foreclosure/anyone-know-how-to-handle-a-notice-to-quit#comment-3551 Paul in San Diego Thu, 04 Mar 2010 02:09:59 +0000 http://www.foreclosurestrategyunleashed.com/what-is-foreclosure/anyone-know-how-to-handle-a-notice-to-quit#comment-3551 If you're month to month or if you have a lease, you're protected under the Tenants of Foreclosure Act of 2009 that President Obama signed into law last July. This federal statute, which overrides state laws, says that a tenant of a property in foreclosure does not have to move out until 90 days after the property is bought at foreclosure auction or sold on the open market. You must, however, still abide by the terms of your rental agreement or lease (you must pay your rent, you can't be doing any illegal activity, etc.). But, the landlord or the bank can't force you out for no reason. Also, California rental laws state that the person who buys the property must honor your current lease until it expires if a) The buyer is not an individual (they're a company or an investment group, and b) The buyer does not intend on occupying the property him or herself. However, the Tenants of Foreclosure Act supersedes this state law.<br><b>References : </b><br> If you’re month to month or if you have a lease, you’re protected under the Tenants of Foreclosure Act of 2009 that President Obama signed into law last July. This federal statute, which overrides state laws, says that a tenant of a property in foreclosure does not have to move out until 90 days after the property is bought at foreclosure auction or sold on the open market. You must, however, still abide by the terms of your rental agreement or lease (you must pay your rent, you can’t be doing any illegal activity, etc.). But, the landlord or the bank can’t force you out for no reason.

Also, California rental laws state that the person who buys the property must honor your current lease until it expires if

a) The buyer is not an individual (they’re a company or an investment group, and

b) The buyer does not intend on occupying the property him or herself.

However, the Tenants of Foreclosure Act supersedes this state law.
References :

]]> Comment on why did this person put a house deed in his name after it was too late to avoid foreclouse auction of the home? by mbrcatz http://www.foreclosurestrategyunleashed.com/how-to-avoid-foreclosure/why-did-this-person-put-a-house-deed-in-his-name-after-it-was-too-late-to-avoid-foreclouse-auction-of-the-home#comment-3550 mbrcatz Wed, 03 Mar 2010 11:44:59 +0000 http://www.foreclosurestrategyunleashed.com/how-to-avoid-foreclosure/why-did-this-person-put-a-house-deed-in-his-name-after-it-was-too-late-to-avoid-foreclouse-auction-of-the-home#comment-3550 Someone gave him bad legal advice. Although, I'm very surprised he was able to GET a deed transfer, seeing as how there was a lein on the property. My guess is, he's FILED for it, but it hasn't been completed yet. You can't "get out of" your mortgage, by giving your house to someone else. It doesn't work that way. If that system worked, everyone would buy a car on loan, and a house on loan, and then give it to someone else, and stiff the lender. There are protections in place, to prevent this.<br><b>References : </b><br> Someone gave him bad legal advice.

Although, I’m very surprised he was able to GET a deed transfer, seeing as how there was a lein on the property. My guess is, he’s FILED for it, but it hasn’t been completed yet.

You can’t "get out of" your mortgage, by giving your house to someone else. It doesn’t work that way. If that system worked, everyone would buy a car on loan, and a house on loan, and then give it to someone else, and stiff the lender. There are protections in place, to prevent this.
References :

]]> Comment on why did this person put a house deed in his name after it was too late to avoid foreclouse auction of the home? by godged http://www.foreclosurestrategyunleashed.com/how-to-avoid-foreclosure/why-did-this-person-put-a-house-deed-in-his-name-after-it-was-too-late-to-avoid-foreclouse-auction-of-the-home#comment-3549 godged Wed, 03 Mar 2010 11:23:59 +0000 http://www.foreclosurestrategyunleashed.com/how-to-avoid-foreclosure/why-did-this-person-put-a-house-deed-in-his-name-after-it-was-too-late-to-avoid-foreclouse-auction-of-the-home#comment-3549 Some people think they know a way around the inevitable. Bottom line, if you do not pay, you are going to lose the asset.<br><b>References : </b><br>Oregon Realtor Some people think they know a way around the inevitable. Bottom line, if you do not pay, you are going to lose the asset.
References :
Oregon Realtor

]]> Comment on Foreclosure Bailout Loans by jehen http://www.foreclosurestrategyunleashed.com/what-is-foreclosure/foreclosure-bailout-loans#comment-3548 jehen Sun, 28 Feb 2010 21:33:59 +0000 http://www.foreclosurestrategyunleashed.com/what-is-foreclosure/foreclosure-bailout-loans#comment-3548 A very expensive piece of property is not likely to harm the value of it's neighborhood should it go into foreclosure. Anyone who qualified for a jumbo loan in the first place probably has other resources - unless they committed fraud to get the loan. But you did not really want an answer to this question. You asked for the purpose of suggesting that every one expects an unlimited give-away and that is what is going on. There are limits and help is based on need. When you can't help everyone in need you help those with the direst needs.<br><b>References : </b><br> A very expensive piece of property is not likely to harm the value of it’s neighborhood should it go into foreclosure. Anyone who qualified for a jumbo loan in the first place probably has other resources - unless they committed fraud to get the loan.

But you did not really want an answer to this question. You asked for the purpose of suggesting that every one expects an unlimited give-away and that is what is going on. There are limits and help is based on need. When you can’t help everyone in need you help those with the direst needs.
References :

]]> Comment on Foreclosure Bailout Loans by m1a1mikegolf http://www.foreclosurestrategyunleashed.com/what-is-foreclosure/foreclosure-bailout-loans#comment-3547 m1a1mikegolf Sun, 28 Feb 2010 21:31:59 +0000 http://www.foreclosurestrategyunleashed.com/what-is-foreclosure/foreclosure-bailout-loans#comment-3547 The funny thing is that in California - anyplace better than a homeless encampment is going to need a 'jumbo' loan. Funny how the people who pay the vast bulk of the taxes are getting so little respect and consideration.<br><b>References : </b><br> The funny thing is that in California - anyplace better than a homeless encampment is going to need a ‘jumbo’ loan.

Funny how the people who pay the vast bulk of the taxes are getting so little respect and consideration.
References :

]]> Comment on Foreclosure Bailout Loans by Carl Marks http://www.foreclosurestrategyunleashed.com/what-is-foreclosure/foreclosure-bailout-loans#comment-3546 Carl Marks Sun, 28 Feb 2010 21:29:59 +0000 http://www.foreclosurestrategyunleashed.com/what-is-foreclosure/foreclosure-bailout-loans#comment-3546 Boo hoo for them.... If you have enough money to buy a house that big, then you better have enough money to pay the bill. If you do fall on your face....you should have enough money to buy something more practical. Obama and myself, are more worried about the MAJORITY of Americans. People who are struggling and living paycheck to paycheck.<br><b>References : </b><br> Boo hoo for them….

If you have enough money to buy a house that big, then you better have enough money to pay the bill.

If you do fall on your face….you should have enough money to buy something more practical.

Obama and myself, are more worried about the MAJORITY of Americans. People who are struggling and living paycheck to paycheck.
References :

]]> Comment on Foreclosure Bailout Loans by Phil M http://www.foreclosurestrategyunleashed.com/what-is-foreclosure/foreclosure-bailout-loans#comment-3545 Phil M Sun, 28 Feb 2010 21:27:59 +0000 http://www.foreclosurestrategyunleashed.com/what-is-foreclosure/foreclosure-bailout-loans#comment-3545 Usually those contracts are looked over with an attorney for the buyer to ensure everything is known and upfront. it would be very difficult to claim ignorance in that case.<br><b>References : </b><br> Usually those contracts are looked over with an attorney for the buyer to ensure everything is known and upfront.

it would be very difficult to claim ignorance in that case.
References :

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